In a recent announcement, Kraken, a major centralized cryptocurrency exchange, revealed its decision to cease trading Monero (XMR) in two European countries over the next few months. Kraken, known for its global presence in the crypto market, is set to delist the privacy-focused altcoin Monero from its platforms in Ireland and Belgium starting June.

The move by Kraken to delist Monero, a cryptocurrency emphasizing anonymity since its inception in 2014, will see all remaining XMR holdings on the exchange automatically converted to Bitcoin (BTC) after June 10th. The process involves halting trading and deposits for XMR as of May 10, 2024, with all margin positions required to be closed by the same date to avoid automatic closure.

Following the delisting of XMR from Binance earlier this year, which led to a significant price drop of 32%, Kraken's decision to remove Monero from its offerings in specific European countries adds to the challenges faced by the digital asset. Despite the initial setback, XMR has shown resilience, bouncing back from the delisting-induced price drop to reach $134 at the time of this report, marking a 1.3% increase in the last 24 hours.